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Bank default tax code
Bank default tax code
cannot find where to change this for manual bank payments and receipts, not cash transactions. Version 18.1.0.20
Anyone help?
Anyone help?
- brucedenney
- Site Admin
- Posts: 4631
- Joined: 28 Feb 2006, 09:56
- Sage Version: v28 UK/Europe/Africa
Re: Bank default tax code
The default tax code of bank transactions is always T9 (outside the scope of VAT) as the VAT is accounted for on the invoices they pay.
There is an exception to this which is when you use VAT Cash accounting, in this case the VAT is accounted for when paid or received. In this case the Tax code is set to match the items that you pay.
If you make a payment on account on cash accounting it does offer you the choice to set the tax code, if it doesn't match the invoice though, you will not be able to reconcile the items.
There is an exception to this which is when you use VAT Cash accounting, in this case the VAT is accounted for when paid or received. In this case the Tax code is set to match the items that you pay.
If you make a payment on account on cash accounting it does offer you the choice to set the tax code, if it doesn't match the invoice though, you will not be able to reconcile the items.
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.
-
- User
- Posts: 132
- Joined: 14 Apr 2011, 18:02
- Sage Version: v2014 20 UK/Europe/Africa
Re: Bank default tax code
Surely that only applies to Sales Receipts and Purchase Payments, not Bank Payments and Bank Receipts as per the OP which, I believe, take their default tax codes from the Customer & Supplier Defaults...brucedenney wrote:The default tax code of bank transactions is always T9 (outside the scope of VAT) as the VAT is accounted for on the invoices they pay.
There is an exception to this which is when you use VAT Cash accounting, in this case the VAT is accounted for when paid or received. In this case the Tax code is set to match the items that you pay.
If you make a payment on account on cash accounting it does offer you the choice to set the tax code, if it doesn't match the invoice though, you will not be able to reconcile the items.
John
- brucedenney
- Site Admin
- Posts: 4631
- Joined: 28 Feb 2006, 09:56
- Sage Version: v28 UK/Europe/Africa
Re: Bank default tax code
Thanks John
I must read the questions better.
I must read the questions better.
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.
Re: Bank default tax code
So, I am not a customer or a supplier and cash accounting is not in use. Where do you change the default tax code???
- brucedenney
- Site Admin
- Posts: 4631
- Joined: 28 Feb 2006, 09:56
- Sage Version: v28 UK/Europe/Africa
Re: Bank default tax code
Settings>Customer Defaults>Std Tax code
for bank receipts and
Settings>Supplier Defaults>Std Tax code
for bank payments
for bank receipts and
Settings>Supplier Defaults>Std Tax code
for bank payments
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.
Re: Bank default tax code
thank you
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